On January 25, 2013,
the Compensation Committee (the “Committee”) of the Board of Directors of Far East Energy Corporation (the “Company”)
awarded Michael R. McElwrath, the Company’s President and Chief Executive Officer, a cash bonus award of $189,600.

In
determining the amount of the bonus, the Committee evaluated Mr. McElwrath’s performance during the fiscal year ending
December 31, 2012 based upon performance criteria previously established by the Committee. Such criteria included (i) 20%
based on a Company-wide performance factor related to the ability of the Company to avoid workplace injuries in connection
with its drilling and other activities; (ii) the consummation of a strategic transaction or joint venture; (iii) the
consummation of one or more capital raising transactions; (iv) obtaining Chinese Ministry of Commerce approval of the
Shouyang and Yunnan Production Sharing Contract Modification Agreements; (v) obtaining initial SEC reserves measured at
year-end 2011; (vi) the establishment of production levels for the Company’s Shouyang block project between 1,500
– 3,000 Mcfpd as of December 31, 2012; (vii) obtaining CBM reserves certification by the Ministry of Land and Resources
to Chinese standards, (viii) the establishment and continued maintenance of strong business relationships at the senior
executive level with the Company’s Chinese counterparties and (ix) the continued progression of portions of the
Shouyang block project towards submission for overall development plan certification.

SIGNATURES

Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.

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